Even Presidents File for Bankruptcy
You probably think I’m talking about our national deficit and the possibility that our President could file Chapter 7 for the entire U.S.But I’m referring to Presidents Thomas Jefferson and Abraham Lincoln. Because in the bankruptcy world, we recognize not just their birthdays, but also the fact that they both dealt with bankruptcy.
I think it says something very powerful about our system that two people who both dealt with bankruptcy went on to become two of the greatest and most successful presidents in our history. In other words, succeeding on a personal level and being a good person is really separate from your ability to manage financially.
In Jefferson’s case, he had over $100K in debt at the end of his life. And in Lincoln’s, he spent nearly 20 years repaying debt after unsuccessfully trying to open a store that didn’t do so well. Notably, there cases were well before the modern era of bankruptcy. And as a result, they struggled under their debts for a much longer time.
Today, Lincoln might have filed a Chapter 7 bankruptcy and resolved both his personal and business debts within a 4 to 6 month period. And Jefferson, with his much larger debts, may have needed to file for Chapter 11 to reorganize his finances.
Fortunately for Las Vegas residents, options such as Chapter 7, Chapter 11 and Chapter 13 all exist to help us move on with our financial lives when necessary. And concepts such as loan modification and foreclosure mediation programs have evolved as well to help stop foreclosure in Las Vegas.
As a result, Americans are able to sign their own Declaration of Debt Independence and do not have to spend four score and seven years repaying their debts.
For more Chapter 7 help in Las Vegas, Chapter 13 help in Las Vegas or bankruptcy information in Las Vegas, as well as for help with small business bankruptcy in Las Vegas, please contact us for a free initial consultation.